Many businesses borrow money during perlods of increased business activty to finance inventory and accounts recelvable For example, Mitt Corporation bullds up its inventory to meet the needs of retallers selling to Christmas shoppers. A large portion of Mitt Corporation sales are on credic As a result, Mitt Corporation often collects cash from its sales several months after Christmas. Assume on November 1, 2021, Miti Corporation borrowed $8.1 milion cash from Metropolitan Bank and signed a promissory note that matures in six months. The interest rate was 9.50 percent payoble at maturity. The accounting perlod ends Decembet 31. Requlred: 1, 2 \& 3. Prepare the required journal entres to record the note on November 1, 2021, the adjusting entry required on December 31 2021 (f any1, and interest on the maturity date, April 30, 2022, assuming that interest has not been cecorded since December 31. 2021. (Enter your onswers in whole dollers. If no entry is requlred for o transoction/event, select No Journal Entry Requlred" In the first account fleid.) Mary businesses borrow money during penods of increased business activity to finance inventory and accounts recelvable. For example. Mitt Corporation bullds up its inventory to meet the needs of retallers selling to Christmas shoppers. A farge portion of Mitt Corporation sales are on credit. As a result, Mitt Corporation often collects cash from its sales several months after Christmas. Assume on November 1, 2021, Mitt Corporation borrowed $8.1 malion cash from Metropolitan Bank and signed a promissory note that matures In six months. The interest rate was 9.50 percent payable at maturity. The accounting period ends December 31 Required: 1, 2 \& 3. Prepare the required journal entries to record the note on November 1, 2021, the adjusting entry required on December 31 2021 (f any), and interest on the maturity date. April 30, 2022, assuming that interest has not been recorded since December 31, 2021. (Enter your answers in whole dollars. If no entry is requlred for a transaction/event, select "No Journal Entry Required" in the first account fieid.) Journal entry worksheet Record the interest accrued on the note paydble as of December 31,2023. Nigtei Ficter dobies before tradits. Many businesses borrow money during penods of increased business actlvity to finance Inventory and accounts recelvable. For example. Mitt Corporation builds up its inventory to meet the needs of retallers selling to Christmas shoppers. A large poruon of Mitt Corporation sales are on credit. As a result, Mitt Corporation often collects cash from its sales several months after Christmas, Assume on November 1, 2021, Mitt Corporation borrowed $81 million cash from Metropolitan Bark and signed a promissory note that matures in six months. The interest rate was 9.50 percent payable at maturity. The accounting period ends December 31 . Requlred: 1, 2& 3. Prepare the required journal enthes to record the note on November 1. 2021, the adjusting entry required on December 31 2021 (f any, and interest on the maturity date, April 30, 2022, assuming that interest has not been recorded since December 31, 2021. (Enter your answers in whole dollers. If no entry is required for a transection/event, select No Journal Entry Required" In the first account fleld.)
